Boston Consulting Group shared research findings this week predicting that China online shopping, will see exponential growth through 2015, with spending that could make China’s e-commerce market worth more than RMB 2 trillion and possibly surpass the size of the U.S. market.
Here is a summary of some findings of BCG survey:
- Less than 10 percent of China’s urban population shopped online in 2006. The figure jumped to 23 percent in 2010 and will nearly double to 44 percent by 2015.
- An astonishing 30 million additional Chinese consumers are expected to shop online for the first time every year until 2015.
- E-commerce in China will go from representing 3.3 percent of the country’s total retail value today to 7.4 percent in 2015. It took the United States ten years to achieve that growth.
- Within five years, most of today’s online shoppers in China will be spending RMB 6,220 (or about $980) per year, twice what they are today. That’s close to the U.S. average of $1,000.
- The low cost of shipping in China gives e-commerce an ongoing boost. It costs $1 on average to ship a 1-kilogram parcel, versus $6 in the U.S.